Your car as a business expense: what can you claim?

Being self-employed can be tough – but it does have its advantages. One of those advantages is the possibility of being able to allocate some of your costs to business expenditure, so you reduce your tax bill. That includes your home office, your phone, and your vehicle. Dividing up personal use and business use IfContinue reading “Your car as a business expense: what can you claim?”

Entertainment Expenses – Income Tax & GST

As a general rule, if you provide entertainment for your team or clients, some of your business entertainment expenses are tax deductible. Some examples of fully deductible entertainment expenses are food and drink: Some other entertainment expenses are only 50% deductible, for example: If your entertainment expenses are only 50% deductible, you need to makeContinue reading “Entertainment Expenses – Income Tax & GST”

Business Tip 8: Hiring employees for your startup

When setting up your new venture, the people you hire may well become the most important assets in your business. They’re your trusted workforce, the face of your new brand and the people you’ve entrusted with getting your business idea out into the real world. Because of this, it’s vital that you choose the rightContinue reading “Business Tip 8: Hiring employees for your startup”

Business Tip 7: Getting your operations up and running

If you are ‘pressing go’ on your new business, what are the key elements to have in place before you begin trading? The complexity of your operational model will vary greatly, depending on the kind of business you’re setting up. A small two-person design agency will have a simpler operational set-up than a wholesale foodContinue reading “Business Tip 7: Getting your operations up and running”

Business Tip 6: Getting funding for your startup

A great business idea is an excellent starting point for a company. But without funding to provide the necessary capital, your business idea could be dead before it’s even begun. To quote a well-worn phrase, ‘Cash is King’ and that means it’s critical to start thinking about funding as early as possible in the journey.Continue reading “Business Tip 6: Getting funding for your startup”

Understanding Your Balance Sheet

To understand the financial position of a business at a specific point of time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these reports provide a complete understanding ofContinue reading “Understanding Your Balance Sheet”

Should you have received the Cost of Living Payment?

You may be eligible for the Cost of Living Payment – even if it hasn’t arrived in your account. If you earned less than $70,000 between 1 April 2021 and 31 March 2022, you are eligible for the one-off $350 payment, paid over three months. It’s individual income, not household income The Cost of LivingContinue reading “Should you have received the Cost of Living Payment?”

Business Tip 5: Defining your business idea

Having that Eureka moment when you cook up a great new business idea is a great moment. You’ll be full of ambition and eager to begin building your startup. But once you’ve had that initial rough idea, how do you assess and plan out your business idea to make sure that it has legs? ForContinue reading “Business Tip 5: Defining your business idea”